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, the debt ceiling. >> one hing i will commote compromise is lightning congress should pay the tab for a bill they already wracks up. if congress refuses to gift united states the ability to pay its bills the consequences could be catastrophic. republicans say a deal must include spending cuts, but the g.o.p. is not unified in its own strategy. yesterday former president candw commented. >>> google said the decision to block map was to ensue a good user experience and not about exceptionally interfering with a rival product. according tot tech site google is working on a redirect so window users can use the map service. >> some homeowners on storm- ravaged staten island, new york are furious that going is touring neighborhoods, photographing damaged homes for it's 360-degree map technology. google says it's updating the photos to "help people around the world better understand the extent of the damage. google says it plans to revisit affected areas and take more pictures to show the recovery progress over time. >>> inside sources say the national hockey league lockout could end wi
, and it does get worse. you recall that in december 2011 the 100th of congress in days in the debt ceiling debacle, i was just talking about. the fact of the matter is, that debacle resulted in the first-ever downgrade of this country's credit rating. just a reminder, in three weeks surrounding that fight the dow jones industrials lost, are you ready, 2,000 points on the dow. now, the republicans to attempted to do that again because it would make a point that the president, i'm begging right now, i'm begging you, come up with a different way to make your point and to seize the moment and prevail. be innovative, clever, creative, but don't mess with the debt ceiling. i'm telling -- begging you. to summarize, the legacy is nothing, zero, not. and let it please, there is something of a flashy morning for the 113th congress. please, be wise, careful, thoughtful before we head into another debt ceiling debate which history has taught all of us that you will lose in just about two months. please, be creative, thoughtful. republicans are also warning about what they're going to do about spending
more money in march. congress has the constitutional authority to set our debt ceiling and has agreed to raise it. watch for a big fight as republicans try to institute some sort of fiscal sense that democrats resist. the big events, but there is another one that happened today that congress did not pass a resolution to recognize that happened. you probably already know about it. the payroll tax has expired, and if you get your first paycheck today says the fiscal cliff, well, watch out. you may be shocked by then nearly 50% increase in the tax. the social security withholding tax reset. for middle-class american families earning $50,000, that means at least in $800,000 tax hike, maybe as much as a thousand bucks. if this is the first shot of about, it's not going over too well. here's what people are saying on twitter. if you're asking why my paycheck is less this week, is because you got what you asked for. on it. why is my paycheck bless this we? because obama loves to penalize the makers and redistribute to the takers. it gets worse. on and on and on. my prediction here is there i
to president obama urging him to do whatever he can to sidestep congress and increase the debt ceiling. but he cannot legally or constitutionally do that. john boehner reacts by saying washington must stop spending money it doesn't have. >>> speaking of sequester spending cuts, defense department is gearing up, so is homeland security. and the tsa. did you get your paycheck today? notice something missing? the payroll tax holiday is over. will this middle class tax hike really damage the economy? "the kudlow report" begins right now. >>> first up tonight, a developing story. four democratic senators sent a letter to president obama late this afternoon. they want him to use any means necessary to raise the debt ceiling without republican house spending cuts. that's right. cnbc's eamon javers has the details. >> reporter: let me get right to exactly what that quartet of senators said. in their letter to president obama which was viewed widely as shoring up his left flank in the political debate over the debt ceiling. what they wrote was "we believe you must be willing to take any lawful steps to
. the deal also did not tackle the impending debt ceiling, a debate that will likely consume congress in the months ahead. joining me from washington, david leonhardt, he is the washington bureau chief of the "new york times." from chicago, austan goolsbee, a professor at the university of chicago booth school of business and previously chairman of the president's council of economic advisors. i'm pleased to have both of them back on this program. david, let me begin with you and tell me exactly where you think we are having that january 1 up to the last minute deal. what is the order of business for the executive branch and the legislative branch to do something to develop some sense of predictability and certainty and a road map for the future. >> well, we just missed a pretty substantial opportunity thief happen because i think the bigger deals that were on the table that president obama and speaker boehner were talking about would have removed some of these up coming deadlines, like the debt ceiling. and they didn't get one of those bigger deals. instead they got something in whic
making why we want to have this debt ceiling thing. you should be having these fights when congress is deciding what money to spend it on not when there's a separate later thing called the debt ceiling. so it seems to me good economic policy making would get away from these debt ceiling fights and by extension get away from the boehner rule it's not like the boehner rule leads you to if you naught in place then we have a well functioning economy. >> rose: austan, do you have a sense whereof the president would be willing to make entitlement spending cuts? >> i don't have that specific other than to observe the social security side is a lot more understandable and a lot easier to look at that is the health care spending side because we fundamentally understand the social security side. it's all about the aging of the population. on the health care side you have to limit the growth rate and economists--on-partisan on both sides they don't have that great of a sense of how you do that. if it were me i would guess that most discussion would start on social security unless we move into a
prepares to battle with congress over the national debt ceiling. but he repeated his insistence that congress must raise the debt limit to pay for the debt they already created. when lawmakers threatened inaction on that last year, the nation's credit rating was downgraded. >> as i said earlier this week, one thing i i will not compromise over is whether or not congress should pay for the bill they have already racked up. if congress refuses to give the united states the ability to pay their bills on time the consequences for the entire global economy could be catastrophic. last time they threatened this action our entire economy suffered for t our families and our businesses can't afford that dangerous game again. >>> the republican response by michigan congressman dave camp said it's time to identify responsible ways to tackle washington's wasteful spending. he says america's credit cards are maxed out and there's no money in the bank account so the spending must stop. >>> and president obama is expected to nominate former republican senator chuck hagle of nebraska to be defen
the president, the white house suggesting that they don't have to go to congress to raise the debt ceiling, they can instead rely on the 14th amendment of the constitution. and i did research going back to when this debt ceiling business started, basically in 1917. what it was to give some more ease to the white house to borrow money, it was not to give the white house a blank open credit card. and so, now though, the president says doesn't matter about this 1917 law, i'm just going to do it because the constitution says i can? >> well, he can try to do that. i think it would be a disaster on a number of fronts. president obama's strengths is when the congress is saying no and they're involved in some kind of a fight and he's saying, let's do the right thing. for the president now to step in and create a proposal that goes back 150 years and to say something no president has ever said, that the president of the united states can unilaterally create debt, i think would be taking a pretty big burden and would isolate him pretty rapidly and people around the world would say, wait a second, wh
could bypass congress and everything from the debt ceiling to gun control. for starters, vice-president biden saying today the president may impose gun control with an executive order. former speaker of the house, newt gingrich joins us, nice to see you, sir. >> good to be with you. i have to say, you have the most amazing program tonight that i can remember. >> greta: it's quite vast and varied let's say. >> remarkable. >> greta: don't want to miss any of it. and don't want to miss you either. tell me, the vice-president says the president may use an executive order for -- to impose gun control. your thoughts? >> well, the president can try to do almost anything if he wants to. the question is will he get away with it? the two natural stands are first, somebody will file a lawsuit, saying that it's illegal, and unconstitutional. but second, the house republicans have an opportunity when the continuing resolution comes up at the end of the march, to simply zero out the authority, to say no money shall be spent. now, that's so clear under our constitution, and goes all the way
. the debt ceiling and this week people are getting paychecks for the first time. >> people will be surprised the president said if you make less than $250,000 you will not pay one dime. they are paying a lot of times. making $50,000 will be on the hook of additional $1,600. you don't have that to give the government so they can waste it to borrow more money. it will hit people hard. ha and then add the obamacare tax and the economy will be in a world of hurt. gerri: maybe there is a tax revolution. people may make calls to congress. o knows? >> i do think there will be a revolt from people who voted for obama that would only hit the nasty rich people. but it will hit them. in and they lose their jobs because the rich guy cannot keep people on the payroll is pay the government or keep the employee. he makes the decision about the employee but nothe taxes or he goes to jail. gerri: we had jobs numbers today. 155,000 jobs were created. that is so unimpressive. if we don't create 240,000 jobs we cannot keep up with the number being born and the workplace. so many people have quit looking and the
another thorny issue this year. president barack obama wants to raise the debt ceiling, that's the limit of how much the federal government can borrow. members of congress need to reach a deal by the end of next month. >>> students who survived a mass shooting at a school in connecticut have endured a rough few weeks. they went back to class for the first time since the attack. about 400 students arrived at an unused junior high school. they are using the building at a neighboring town as their new campus. their old school remains closed. a gunman entered sandy hook elementary last month killing 20 of their school mates and six adults. the attack prompted president barack obama to push for tighter gun control. he suggests he wants to ban assault rifles and strengthen background checks. a recent poll suggests many americans still oppose a ban on the sale of assault rifles. the national rifle association carried weight across capitol hill and many republicans too are against further restrictions. >>> al jazeera has set its sights on one of the world's biggest tv markets, the united states.
the pentagon. he slammed the door on debt ceiling negotiations demanding congress raise it without drama and says he's ready to be tough on gun control but remember the president doesn't have to worry about re-election ever again. so expect his second term agenda to look a lot like this. full of overtures to the base which criticized him over the last four years for caving to republicans. to help decipher what to expect in the next four years, we start with nbc's peter alexander outside of the white house and "the washington post" david nakamura. peter, look, you could describe the first term and the first few months since being re-elected as a confident obama. making bold cabinet picks. laying out a very ambitious agenda, adding gun legislation to the docket or you could describe it as almost confident. you know, he backed away from the susan rice pick. he gave in on taxing the top income earners at the rate he wanted. and so far he's really just tiptoed kind of cautiously around gun control. so this a confident obama based on the agenda you're seeing or a caution one? >> reporter: focu
ceiling. if congress does nothing to increase the debt ceiling by then, we could be looking at a government default. even if it is not a default on our debt and the treasury says they will prioritize interest on payments, we're still looking at at a default under government obligation. that means the treasury and the government would have the ability to go out and spend money and the treasure would not have the checks to pay. that could include dod civilian, uniform civilians, on tractors -- contractors. they would expect a check and it would not show up. that would be true for the non- defense parts of the budget as well. doctors expecting a reimbursement. that is if we go into a default situation. that is a major threat to our economy. i argue that it is a threat to our national defense. every major war the united states has fought has been financed in part through borrowing. by going into a default and not being able to pay our obligations for the first time in history, we will put at risk the full faith and credit of the united states government. the treasury has said th
a problem with congress. i've got a problem with the debt ceiling. let me pick a guy who almost all sides agree is one of the foremost experts when it comes to the budget. >> rick, what do you think? jump in here. >> well, you know, carlton college, harvard, '73 and a to tip o'neill, a former lifer bureaucrat here. instead of someone like a jamie dimon, and i think steve is absolutely right. i don't think there's a human being on the planet who knows the current budget and its issues better than jack lew which is exactly the reason i would say he's absolutely not my first choice for the job or the fifth guy in line to be president should anything happen to the other four because i think he's going to have a parental relationship, so to speak, with the budget and its process in trying to change it, and i think that that paternal instinct is going to be defending it versus, you know, actually trying to make a difference. looking at the budget even though we technically haven't had one. we've had continuing resolutions. i think we need someone that will look at frankenstein monster called th
and the looming debt ceiling, can the new congress get anything done or are we in store for more fighting? >>> also social media casting a spotlight on this steubenville, ohio, rape case, new details surround willing the case of the two high school football players accused of sexually assaulting a 16-year-old girl and for the first time we have heard from one of the defense attorneys, lls the attorney general of ohio heading up the prosecution will be on. >>> don't mess with texas, well the snow is. we have blizzard conditions shutting down a major interstate and covering the lone star state in powder. >> it is friday, january 4th, "starting point" begins right now. we're missing a chair. it's the two of you. she's out and about, john avlon, senior columnist of "newsweek" and "the daily beast" somewhere in the wings, margaret hoover, the lovely wife of mr. avlon, cnn political contributor who is walking on in. >> dramatic entrance. >> yes, we like it, gorgeous. also, ryan lizza, washington correspondent of "the new yorker." >> also gorgeous. >> like that. >>> superstorm sandy relief is on
to congress so you have to raise this debt ceiling. he is, and we expect him to appoint senator chuck hagel whom you know, a republican senator, to be defense secretary. he's quite controversial amongst some of your democratic colleagues but especially among republicans. what do these two stances by the president, his decision to go forward on a nomination that he knows will be controversial, and his decision not to deal with at all on the debt ceiling with the republicans. what does it tell you about president obama's tone in this second term? >> it tells me that he not only won the election but he wants to lead this country. you know, sitting back here and avoiding any confrontation and any controversy is going to make a weakened presidency. he needs to lead for the good of this nation, and we need to work together and find compromise and consensus in both political parties. chuck hagel was a republican senator from nebraska, a decorated veteran of the vietnam war, a person who has a resume that includes service on the foreign relations committee as well as the intelligence committee. yes
the president taking a solid stance on the debt ceiling. >> and our hi-def doppler radar our cbs 5 hi-def doppler radar is working overtime today. we'll give you your updated rainfall foals and plus tell you -- totals and plus tell you when your sunshine comes back in your seven day, up next. ,,,,,, ,, congress and t >>> the battle lines are already being drawn for the next showdown in washington over money. congress and the president have two months to work out a deal to raise the nation's already maxed out borrowing limit. but as cbs reporter major garrett shows us republicans are already saying no deal without spending cuts. >> reporter: the grand stage at the capitol nearly complete. so too the presidential reviewing stand just outside the white house gate. the first family's hawaiian vacation carved up by fiscal cliff drama ends today. the president used his weekly address to tell the nation that raising the debt ceiling to avoid a government default is a problem for congress. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they've
to have a debate with congress over raising the debt ceiling and making sure america can pay its bills, but as we saw the last time, that's not really up to the president. >> yeah, now, first thing's first, the house taking up the sandy aid bill today. how is this different than what they've considered before or haven't considered before? >> well, the thing is the senate already passed a bill. what the house is doing is breaking it into two pieces. after they reached that big deal to avert the fiscal cliff, postpone it, really, a lot of house republicans, especially from new york and new jersey, were angry the speaker did not put on the floor a vote for sandy aid for these relief victims. they're going to vote later this morning on a bill. about $9 billion for the national flood insurance program. that's to be able to give money to that program so it doesn't run out. fema has said that money would run out starting next week at some point. the idea is to vote on that today and then on january 15th they'll vote on another $51 billion in general aid. so today's the first of two votes. >>
really believed in free markets, when it we just not have a debt ceiling? you'll not be able to borrow more money, interest rates will shoot up. why do we need a limit? >> as far as principals, we do not. congress wants to have a say in their overall issue of that. we already have evidence that it is too high. countries at our level of debt grow more slowly. that is not doubt and that is what the president needs to focus on. connell: our point here is that we talked about this a number of times, they will get their act together in washington when they are forced to. they will say -- when interest rates shoot up to a level that hurts us, then, they will cut spending. this debt limit negotiation comes up every so often and creates all this nonsense and drama. we know they will raise the debt limit at the end of this, they always do. >> and they should, quite frankly. somewhere between january and august of this year, it is imperative that this country take a different course and entitlement spending programs. the numbers add up to something that is unsustainable. the u.s. needs to get th
. >>. >> reporter: the president says he won't negotiate with congress over lifting the debt ceiling. >> i will not play that game. >> reporter: republicans say -- >> the president may not want to have this debate, but it's the one he's going to have, because the country needs it. >> reporter: so while they debate over a debate and raise head-long into the dead ceiling, is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman, are suggesting a $1 trillion platinum coin could be minted and the government could use that to pay the debt, avoid default and preempt the debt kreeg crisis. democratic congressman gerald name and address or of new york says i'm being serious. it sounds silly but it's absolutely legal. why do you think it's a good idea right now? >> well, i think it's better than a government shutdown. it's better than defaulting on the debt. it's better than the bad at actives. >> reporter: and technically, it does appear to be legal. here's how. the u.s. government can print new money, but under law, there is a limit
secretary. congress has two months to fix the debt ceiling before the u.s. may have to default on its bills. so the president comes back from a nice vacation in hawaii, he comes back to big issues that they have to tackle. sequestration, the debt ceiling, spenning. he is enjoying his last few minutes here on the plane, taxiing and he will head back to the white house with his family. >> jamie: molly, thank you. >> can washington come up with a plan to raise the debt limit without burying the count country in more debt? we have a former spokesperson for former governor jeb bush. happy new year. justin, the president says there won't be any negotiating t. needs to be raised -- period. what do you think? >> i think it's remarkable. it's as if the election meant that president obama has been elected king. the republicans compromised on a very important principle. they didn't want to raise taxes. president obama wanted to raise taxes, they compromised. now president obama is issuing a no-compromise to the congress, to the american people -- 48% didn't rote for president obama. it's very disrespe
for it. >> congress has about two months to fix the debt ceiling before the u.s. may have to default on some bills. >> how is that tough talk going over with republicans? >> not very well. >> republicans who agreed for the president's push for higher taxes during the fiscal cliff battle, now want to tackle spending and raising the debt limit as part of the spending problem. we want more bipartisan negotiations and less campaigning. >> and it looks like the second term of barack obama is going to be an in-your-face term. i'm not going to talk about the debt ceiling. we have yet to cut one dime from the last debt ceiling agreement and now here it's time. we've got to stop the madness. >> democratic congressman says it's quote, reckless and irresponsible not to pay bills that are due. >> molly henneberg, thank you. after decades of service to our country, this former general could be found in civilian clothes, not necessarily by choice. general stanley mcchrystal talking about what cut his career short and the man who become the 37th u.s. president was born in a house. the richard nixon
bypass congress entirely and invoke the 14th amendment to the constitution and raise the debt ceiling on his own and high-ranking republicans, john cornyn, also stated this week he thinks republicans should be prepared to push it to the point of a potential government shutdown in order to more spending cuts from the other side. one important thing to bear in mind, we have two months to get the deal done, the leeway is much less for them. the senate and the house will only be in session for two days until they come back on february 4th, and that's not a lot of time to sit down and get negotiating done. >> i want to pick up what republican senators john cornyn said in the houston chronicle. the op-ed, it may be necessary to parnl partially shut down the government in order to secure the long-term fiscal well-being of our country, rather than plow along the path of greece, italy, and spain. making a comparison to the beleaguered countries in europe. do you think we could see a shutdown? >> i don't think so. republicans want spending cuts to happen, but newt gingrich said yesterday and a
into which sewer. >> i do think ultimately it's not going to be the debt ceiling. that's one where congress almost by definition is going to lose. it's a poor place to have this discussion. it's going to happen in and around sequestration. and you made a point earlier about the fact why don't the republicans come up with a clear idea and clear frame. i think that applies to both democrats or republicans and i would submit the first side that does it in a clear big way that provides a bigger context and framing is going to be much stronger position. that's where the fight's going to take place. >> there is one clear deal i would make, larry, and i would recommend both sides to make. >> real quick. >> change cpi for the debt ceiling. get rid of the debt ceiling, permanent fix. >> i'm for that, everybody's for that except senate democrats aren't for that. we'll see. thank you very much. awfully sensible, if i may say so myself. tony, hang with us, we're going to have you back as a football analyst. but we've got some good news and even some better news. now, listen to this, regulatory menace l
intentions. the debt ceiling message is the same, congress must allow the administration to pay the bills that congress be mandated be paid. >> shep: they spent money, the congress, and now what this is all about, do we actually pay for just what we just bought. you actually get to do that? >> you should not be able to. it's understandable why this happens. this is an instrument of influence by the congress when you don't have somebody in the white house. realistically speaking it's the mix of things getting debated and it raises the stakes. next phase is how much revenue we're going to get, it's about are we covering the bills the next seven months. >> shep: were you surprised by jack lew? >> it seemed to be pretty well telegraphed. loyalty is put at a premium. as all the reports say the president seems to trust she good advocate. just because it's been kind of put out there for a while. >> shep: where before they were a team that had gone at each other and now he is bringing a team of loyalists? >> it appears so. maybe not defense as much of a loyalist or insider, but i do think that is
of the so-called fiscal cliff. the new congress faces another looming showdown over the debt ceiling and possible spending cuts delayed under the fiscal cliff deal. john boehner addressed the debt thursday in his opening speech. >> as speaker, i pledge to listen and to do all i can to help all of you carry out your oath of office that we are all about to take. because in our hearts we know it is wrong to pass this debt onto our kids and grandkids, now we have to be willing, truly willing to make this problem right. >> house speaker john boehner faced a massive backlashes week after initially canceling a vote on relief for superstorm sandy. the house is expected to vote on the first round of aid today. gun-control advocates introduced legislation on the first day of the new congress to ban high- capacity ammunition magazines in recent -- used in recent massacres including the one at sandy hook last month. carolyn mccarthy of new york said the assault magazines help put the mass in that shooting and anything we can do to stop their proliferation will save lives in america. she lost her
, the debt ceiling can probably, on that basis if nothing is congress, congress will agree to raise debt ceiling on the sequestration. but that is a messy solution. what we need is an agreement between congress and the president over the long-term, both on what spending measures have to be taken for 2013 and longer term. and that is the debate that is still under way. i think there will be some sort ooh a deal. we were halfway down from the previous agreement reached on september 11th. it's a process that's going to be tortuous, but it will probably be resolved. >> tortuous and messy i think will the right words. >> why don't we turn our ears now until like this 24th hour and then just tune -- i mean, forget anything to that point is going to be noise, right? >> well, unless the noise tells you it's going to happen which is it's going to be -- >> well, that's my point. we all know it's going to be messy, complicated, tortuous. >> clearly, it will be fiscal issues in the u.s. economy. unless there's growth in the private sector to more than compensate for that, u.s. growth is not going to
, debt ceiling cliff. your elected officials ready to push america over the edge of the cliff. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> well, yes, you will, mr. president, and very soon. democrats and republicans are set to clash again over raising the u.s. debt ceiling. back in the old days, the u.s. had a snl where every time a bill involving money was passed, the treasury had to raise money for by issuing bonds. the debt ceiling law was given the u.s. treasury the flexibility to borrow money. it had nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money. it has to pay the bills. republicans seem to think that the debt sealing is a good tool to limit how much the government spends, the current debt ceiling was hit on december 31st, but like last time, the u.s. treasury is using extraordinary measures to ghet get it throu
the ramifications are to americans by not lifting the debt ceiling. and you're right, mike, all this is about, as the president said, is paying for the bills that congress has already voted to fund. and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike, we have got to do this. i was on "the cycle," one of msnbc's shows, and i suggested that raising the age on medicare given the fact we're living longer isn't a necessarily bad idea. the three progressive hosts,
congress narrowly avoideded that catastrophic fiscal cliff, now we're facing another debate, the debt ceiling. many members of congress say the last-minute brinksmanship that happened with the fiscal cliff is not going to be repeated when it comes to raising the debt ceiling. others may not be on board with that. republican matt salmon of arizona had this to say. >> i was here in the government shutdown of '95. it was a divided government, democratic president of the united states and a republican congress. i believe that that government shutdown actually gave us the impetus, as we went forward, to push toward some real serious compromise. i think it drove bill clinton in a different direction, a very bipartisan direction. >> joining me now, l.z. granderson and will cain, both cnn contributors. good morning, guys. >> good morning. happy new year. >> happy new year. i'm so glad to be back. i've been on vacation, and i feel like i'm talking about the same stuff, which i am. i wanted just to lay out the idea of a government shutdown for people who can't remember as as far back as 1995 be
or come to some decision on the debt ceiling. are you willing to vote to raise the debt ceiling? >> i think ultimately we're going to have to, aren't we? i don't think there's a single person in congress or in washington that recognizes that, you know, some time in the next short while, we're going to hit that limit. and at that point, we have to -- we have a financial obligation to, you know, millions of people and to programs throughout our government. the question is, what are we going to do to fix the problem? like you started out with your quote there, we want to come back and fix something, do something meaningful here. i tell you what. the problem is that we just continue to kick the can down the road and it doesn't help anyone. we talked about saving our childr children, our country for our children or grandchildren. i don't think we have that long when it comes to our debt. we can't -- this isn't a generational problem. this is a problem we've got to take care of right now. >> and you're talking policy, which is a good thing to talk about. of course, we know in washington pol
that is congress must lift the debt ceiling. the president said the nation's credit rating is at stake . the second bank robber recaptured after a prison break makes his first court appearance. he could face five years behind bars . mediator in the nhl labor fight is back. both sides have less than a week to end the lock out. recovery crews are preparing to move a drilling rig that ran aground in the remote alaska island. it was towed during a storm to seattle when it was separated from the tow lines. crews are gearing up to attempt to recover the rig. dominic is track from the la news room. >> hey, there. describing it as firm's agrounded drill ship on the rocky banks. on the islands that is just south and means seriously stuck and how to get it out of the water is a massive plan. it involved sea and air and land operations. the risk is more bad weather is coming in the area it could mean hostile conditions . today they flew in more crewing to fix the power on the rig. their lives are at risk in doing this. >> so many people involved in the resphonce operation. we have air and float assets and peo
to replace tim geithner. if he is confirmed, he will work with congress to raise the debt ceiling and also the president will have to work with a new chief of staff. >>> they have approved new zephyrs pay -- severance pay under the done ask done tell law. the settle -- don't tell law. the settlement comes after the vote last fall. >>> the two electronic's company are fighting on several fronts. today it will lead to selling it here in the u.s. and it includes gallon lassie includes 8 of its parents and they are not being compensated. the battle -- 8 of its patents and they are not back compensated. >>> we now know the name of a woman who crashed into a pond and died. she lost control of her car on the on ramp and it hit a curb crashed through a fence and went right into the water. dive teams tried rescue her but it was too late and the cause is still under investigation. >> they gave tough approval and the council unanimously included medical marijuana and electronic cigarettes. this includes commercial sidewalks and this takes affect next month. other limits will be phased in next year. >
to a big start by taking the week off. >> not just the debt ceiling, but there is also the sequester. >> republicans are not going to play ball in the sequester. >> this is packed with responsibility. >> republicans are saying they have leverage. >> we have to use whatever leverage we have. >> what happens to the leverage? >> actually, misunderstanding the situation. >> a different set of nuts. >> i'll go back to my original question. >> i know what your question is. >> how far are you willing to take this strategy. >> would you rule out a government shutdown? >> i helped close the government twice. i think that is a dead loser. >> hopefully we don't get to that point. >> a place for politics. >> well, i got 98% of what i wanted. i'm pretty happy. >> the republican party losing streak continued today as a new poll shows that republicans also lost in the public perception of the fiscal cliff negotiations. "the was post" shows that 30% approve the way house speaker john boehner handled fiscal cliff negotiations, 56% don't approve, 53% approve the way president obama handled negotiation
this time over the debt ceiling. both the white house and the republicans in congress are digging their heels in raising the threat of another government shutdown. we will get a live report from washington next. plus, seems kids these days have pretty high opinions of themselves according to findings of a new study. the research suggests they could be in for a bit of a disappointment. you ain't all that. et frequent n come between us and what we love. so if you're one of them people who gets heartburn and en treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero hearurn. but, dad, you've got... [ voice of dennis ] allstate. with accident forgiveness, they guarantee your rates won't go up just because of an accident. smart kid. [ voice of dennis ] indeed. are you in good hands? [ voice of dennis ] indeed. isurprise...it's eating less. to losing weight. i'm hungry just thinking about it. thank goodness for new slimful. one delicious, 90-calorie slimful and a glass of water, like be
and now the lines are drawn for the battle or -- over the debt ceiling. >> add -- as i sad earlier this week one thing i will not compromise over is whether congress should pay the bill for a tab they have already racked up. if congress refuses to give the government the about -- ability to pay its bills on time, the consequences could be catastrophic. >> speaking for the republicans today michigan congressman davecamp faulted the president and congressional democrats for not working hard enough to incorporate meaningful spending cuts in the fiscal cliff deal. >> and the food and drug administration is proposing two sweeping rules to prevent food becoming con taminitied -- contaminated. the first rule would require companies that process food to take measures to prevent the risk of contamination. the second would require companies that harvest fruits and vegetables to prevent e. coli contamination. >>> well, time to get rid of that christmas tree. next, the city of coig has made that easy for some chicago residents. >> and it's that ti
need to raise the debt ceiling, but if we don't raise it without a plan to get out of debt, all of us should be fired." >> reporter: strong words for a new congress, the new years deadline for the so-called "fiscal cliff" has come and gone. now lawmakers start a new session under pressure to avert another financial crisis -- this time over raising the debt ceiling. if an agreement isn't reached by late february or early march, the united states risks defaulting on its financial obligations. the argument this time around will be over how much congress will agree to cut spending. >> "the bottom line is we can't continue down the path we're on of borrowing money to pay our own debt with, and we've got to have serious spending cuts. we've got to have dollar for dollar within the same year." >> reporter: but key democrats say the debt limit and spending cuts are not related, and a deal based on a dollar-for-dollar offset could further damage the country's credit rating. >> "you're going to say i'm not going to pay my bills unless you stop buying stuff? then stop buying stuff so you don't h
with the debt ceiling. and i'm being told, you know, the debt ceiling, the sequester and the continuing resolution to fund government spending is going to be an even bigger fight. so what do you expecting in the next couple of months? >> so we expecting a very messy process. as you just pointed out, there are three things to sort out. the debt ceiling, the sequester and the continue resolution. whenever there's an agreement, maritt romneyomneyryia, we looko contents and momentum. was the content sufficient, and clearly it wasn't. that's why we have another crisis coming up. but also we got no momentum. it's not as if democrats and republicans came out feeling good about this. they came out feeling bad about this. and, therefore, there's absolutely no momentum for cooperation. so markets better have the seat belt on because we're going to have more political drama in the next few weeks. >> so how does this play out, do you think? there's a lot of talk right now about that 2% tax hike that everybody is going to pay with the expiration of the payroll tax holiday. all talking about the taxe
congress is going to have to deal with the debt ceiling, and i'm being told, you know, the debt ceiling, the sequester and then a continuing resolution to fund government spending is going to be an even bigger fight. what do you expect in the next couple of months? >> the sequester and the continuing resolution. whenever there's an agreement, maria, we look for two elements. content and momentum. was the content sufficient, and clearly it wasn't. that's why we have another crisis coming up. also we've got no momentum. it's not as if democrats and republicans came out feeling good about this. they came out feeling bad about this, and, therefore, there's absolutely no momentum for cooperation, so markets better have the seat belt on because we're going to have more political drama in the next few weeks. we're all talking about taxes going higher on the rich, and, yet, this social security tax is going to hit everybody. what impact will this have? >> so, you're right, in terms of economics, the biggest impact is on the payroll tax because the propensity to consume or put another way how mu
. if confirmed, he would take over the treasury department's before the white house and congress debates the debt ceiling. this is 15 minutes. >> ladies and gentlemen, the president of the united states accompanied by some of tim geithner and sap jack lew. >> men, everybody, please have a seat. a little more than four years ago, i stood with mr. tim geithner and denounced him as my first to my cabinet. we were barely two months into the financial crisis, the stock market have quivered, the housing market had cratered as well, a bank after bank was on the verge of collapse, and worst of all, more than 800,000 americans would lose their jobs in just a bad month. and the bottom was not yet in sight. i cannot blame tim when he told me he was not the right guy for the job. [laughter] extensivet tim's experience with economic policy made him qualified and i knew he could hit the ground running. as chairman of the new york federal reserve, he had just spent several sleepless and chaotic weeks immersed in the complexities of the crisis and had been working closely with his republican predecessor at treas
to work with republicans in congress to raise the nation's debt ceiling. if he can survive that battle, global financial fights will probably seem pretty easy. darren gersh, "n.b.r.," washington. >> susie: also in washington today, new rules to protect consumers from risky home loans. the consumer financial protection bureau says the rules make sure home buyers understand exactly what they're getting into, when they take out a loan. lenders now have to determine the borrower's ability to repay the loan. borrowers will have to prove they have a job, meet a minimum credit score, and can afford a loan's monthly payments and related expenses like property taxes. the rules do away with those so- called "no doc" loans where applicants didn't provide any personal financial information, and caused the mortgage mess in the financial crisis. >> joining us now to talk more about the new mortgage rules, raj adabi, of the consumer protection bureau. raj, key rates are gone, and fewer balloon payments. how do this change the kinds of mortgages people can get now. >> it is pretty simple. going forwar
says he will not negotiate over the debt ceiling. he should not. this is something that is artificial. >> will the new congress make a difference? more women, more latinos, gays and lesbians. will the makeup of congress make a difference? >> if anything, congress is more polarized because of redistricting. this is part of the problem. >> you do not see a ted cruz of texas and elizabeth warren coming to terms over legislation? >> i doubt it. there's another thing here that i just want to mention. the president says he will not negotiate a bar raising the debt ceiling. that is paying the bills we have already incurred a, not setting a new standard. he has to negotiate, but he also has the possibility, instead of just letting us rolling the dice as simply saying he's going to break it. if he does that, there will be a court case, but that will take time. >> they want to jeopardize the full faith and credit of the united states by refusing to raise the debt limit, they will pay the consequences. >> you may want to refer to an impassioned speech obama gave in 2006 against raising the debt
not market -- market all of. gerri: you bring a degree point because the first time we had the debt ceiling issue, which is the one now looming in congress, we saved 2,000 points of the stock market. it did not last, thankfully, but it was scary. it may allow the people uneasy. we will -- will leave be in for the same type of problem if we get right up to that deadline and no agreement? >> yes. yes. and that is why we are all annoyed and hopeful that congress will learn a lesson and not do a test again because all they're doing getting in our way causing a lot of banks and warrior necessarily for the american public and investors or a wide. gerri: a broader question. you're a smart guy and you watch all this stuff. one of the things the we're waiting for, listening tour, s&p, moody's, downgrade are dead again, what will happen? we will be the ramifications? how will that hit individual investor portfolios? >> there is a risk that traditionally when they're is a downgrade of a bond rating the value of the bond goes down as well, which means if you own u.s. government securities you're going
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the authority under the 14th amendment to raise the debt ceiling on his own without waiting for congress? >> yes i do believe it has the authority but unfortunately the president made it clear he will not use the authority. i don't know whether he really believes he has it. he has made it clear he won't do it. >> bill: too bad. it would have been nice to see him issue that threat. >> peter: congressman, i want to ask you about a topic that's been gaining traction here in recent weeks. >> bill: one way to solve the debt ceiling problem. >> peter: one way to solve the debt ceiling problem is for the treasury to create a coin and deem it worth $1 trillion. it is the mint a coin campaign and use that to pay down our deficit. the white house yesterday was asked about it. they didn't rule it out. what's your take on that, congressman? is that something that we could possibly look at and even go down that path? >> i think we should look at it -- i think we should look at it very, very carefully. it is almost too good to be true, to be frank. we can solve this problem. this debt problem. and we can make
much he wants to get involved. >> jamie: do you think he could raise the debt ceiling without getting the consensus of congress? >> he has already done things that most cooling scholars is dubious. he made appointments in congress when congress was out of session but congress said it wasn't out of session. nancy pelosi the democratic leader of the house has said the president should do this and she'll back him up. if the president did that it might go to court. i don't think the courts would exercise injure diction on that. of course the president would do that. if the consequences are catastrophic as they claim, i don't think they will be, of course he'll do it. >> jamie: you talk about the republicans' approach of cutting spending in order to make this deal on raising the debt ceiling. is there any other choice than to cut spending? >> you can do three things without problems unless you wanted to become greece. you can cut spending, reduce the rate of spending that we have. you can raise taxes. we just did that or you can print monday and we have done a lot of that. those are three
he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table one top republican in the senate john cornyn says in an op-ed in the houston chronicle it may be necessary to partially shut down the government in order to secure the long-term fiscal well being of our country. democrats warn, watch out. >> risking government shutdown, risking not raising the debt ceiling is playing with fire. >> on this vote the aye are 354 the nays are 67. >> reporter: a preview of the brinkmanship came in the house where 67 republicans including house budget chair paul ryan voted against $9.7 billion in aid for victims of superstorm sandy despite the tongue larshig from new jersey governor chris christie. >> shame on you. shame on congress. >> reporter: the fact that the rest of the relief is up in the air until later this month was a letdown for new york and new jersey lawmakers. even the
in on their agenda... old ver.but - problems. with the looming debt ceiling crisis, lawmmkers cut spending, which as proved not to be an asy task with partisan politics at ppay. the new year we'll focus on is seeing if we can put a paccage little bit less drama, a - little bit less brinksmanship. this coogresssincludes the fiist openlyygayyseeatorrann the first openly bi-sexual member from either chamber.it also ncludes a record number of women - 20 in tte senate and 81 in the house. the new congress is scheduled to vote todayy.. on aid foo viccims of superstorm sandy. the house is expected to billion-dollar measure... to pay for flood insurance claims. some lawmaaers say the mooey is urgently needed for storm victtms... who have been awaiting claim checkk sincc this was the scene thursday... as earry 4-hundred sandy hook sttdents resumed class.tte siteeof the shooting is still part of an ongoing investigation... so former middle school in nearby town was re-puuposed... and reeamed students a sense of familiarity... desks and otter oojects were bbought to their new school. a number of &pp
revealed the 113th congress is not going to learn the lessons of the 112th, brace yourself for the debt ceiling debacle, part two. >>> john boehner once again holds the speaker's gavel. only in his hands, it is weightless and makes no sound. >> the number one issue is still the economy. >> the new jobs reports shows 155,000 jobs added. >> that is about what was expected. >> things only get worse for john boehner. >> he is getting hit from all sides. >> we're standing here not to be something but to do something. >> if washington was going to do something they had their opening. >> it is a time to rise. >> the next flight, the debt ceiling. >> i think that is frankly a dead loser. >> it is time to rise. >> we really are playing with dynamite with the debt ceiling. >> is the glass full or half empty. >> tax increases destroy jobs. >> we always assume the republicans have the leverage in the debt ceiling negotiations. >> i will not have another debate with this congress. they should pay the bills they have already racked up. >> he is the president. >> class a statesmanship. >> it is the ti
he has to figure out is he's got to negotiate a sequester deal and a debt ceiling deal with congress or figure out how to run the government without any debt. in other words, match cash flow to expenses. second item is long-term he's got to come up with entitlement fixes and a fix for the longer-run deficit. finally, tax reform, corporate and individual, potentially on the table. i think jack lew is probably pretty strong in this particular area. but the other aspect which was always there but has now risen significantly in importance is global finance. he is the stand-up man for the next meltdown. he's got to finish and keep negotiating dodd-frank and the basel iii accords with international regulators. that happens underneath the treasury secretary. and what about housing, fannie mae, freddie mac? another big topic on the table. and dodd-frank does not fix or finish the too big to fail issue. that remains on the table. then there's all the stuff we used to think about the treasury secretary's job. the spokesman for the greenback, negotiating with china, and other of our trading par
on things like raising the country's borrowing limit, the debt ceiling, and dealing with spending cuts that could include negotiations over programs like medicare. lester? >> all right, kelly, thanks. >>> one new member of congress, the junior senator from the state of maine, is already making a name for himself. tom brokaw is here tonight with more on a man who says he wants to do the people's business in a better way than we've seen lately. hi, tom. >> lester, we don't often think of maine and royalty in the same sentence. but tonight i am reporting on the king of maine. that would be angus king, near republican or democrat, officially independent. a former two-term governor, he promised a new approach. and it paid off. >> i do. >> my favorite line from the campaign is a guy up north who said "all my life i've wanted a chance to vote for none of the above and you're it." >> it's been difficult to envision this day when i would be saying farewell -- >> reporter: king is replacing olympia snow, a respected republican senator who quit in frustration over washington's deadlocked ways. >>
cuts, the debt ceiling, and a continuing resolution to fund the government. there are also two pieces of legislation that embarrassingly congress dropped the ball on last year are, relief for victims of hurricane sandy and renewal of the violence against women act. there is the farm bill that sets farm subsidies and food aid for the poor. there is postal reform, as the usps hemorrhaging $25 million a day and may need a bail-out, and the pie in the sky, the if only they could get their act together and actually do something wish list items, meaningful changes to the nation's gun laws and immigration reform, which the 11 million undocumented workers in this country are counting on. more than just a full plate, this is a jam packed enchilada of responsibility. joining us now from washington is the sade of capitol hill, boat shoe enthusiast and my celebrity dopplerleganger, nbc's luke russert. a man, i will say, who does not really take a vacation, luke. you have been in the trenches this whole holiday season, my friend. >> yeah, but thankfully the united states congress, the 113th got of
business on wall street. republicans are vowing to use the debt ceiling vote as leverage in an attempt to get severe cuts on federal spending and entitlement programs. president obama has said he has no plans to negotiate the debt limit with congress, leaving america back on the brink. juli neimann of smith moore and company is on the line with us with some thoughts on that. good morning. what will that mean for money managers? "this should be nothing more than a procedural vote, and if they don't go along with it and pull the stunt that they did in 2011, this really could throw the debt market into a problem. the big problem is the federal reserve is completely out of ammunition, so we are looking at a situation where if they are not in there supporting interest rates, you are going to see the market react and probably react badly. so investors and advisors could be in a rising interest rate environment before it really is due." thanks, juli. from new jersey northward, there's plenty of people hoping the newly-elected members of the house respond to disaster relief better than their o
the country's debt ceiling without debate. she told face the nation viewers the president has the 14th amendment on his side which states the nation's debt shall always be paid. she says that she and the democratic party will continue to focus on growing and supporting the middle class. >> the class is the strength of our country. and those we have to strength strengthen it and help those who aspire to be it in, be in it. but it's about a sense of community. and this is the epiphany i want them to have, not just we're only here for the wealthiest people and if it trickles down, that's a good thing. if it doesn't, so be it. that's the free market. that's not how we see it. >> pelosi met with hundreds of constituents and colleagues today for the annual new year's celebration in san francisco. meteorologist rob mayeda here. it's probably a good thing that nancy pelosi held that meeting indoors today. >> if you look at today's highs, it roi cool day around the bay area. interesting, the coolest temperatures we had, parts of the south bay and east bay where the clouds really didn't clear ou
the middle of january if president >> obama: baum and congress don't agree to raise the debt ceiling, the u.s. government will begin defaulting on its obligations, and as we all know republicans are trying to play hardball threatening to let the government go bust. >> we republicans need to be willing to tolerate a temporary partial government shut down. >> do you think that's a good idea? >> yes, i do. i think it's about time. >> jennifer: that has lead democrats to come up with some very unorthodox solutions. one idea is for the president to mint platinum coins. the coins would be turned over to the federal reserve, deposited into the treasury and as you can imagine this platinum coin idea went over like a lead balloon with the right. another plan that is gaining traction is for president obama to issue script -- or ious. coming to us from los angeles committee on taxation and is now a law professor at the university of southern california. he is a very serious fellow. ed, welcome back inside "the war room." i had to say that so that people understanding you were n
ceiling to avoid a government default is a problem for congress. >> one thing i will not compromise over is whether or not congress should pay the tab fair bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. >> reporter: top advisers say the president will never again, as he did in 2011, get pulled into that debate. but republicans want a fight, tying the debt ceiling to spending cuts required by the fiscal cliff. >> we're crushing today's small business and the next generation of americans under a mountain of debt. >> reporter: they see an opening at the end of february when the debt limit, new $16.4 trillion, comes up as do mandatory spending cuts in the tebz of billions. >> it's time to face up to the fact our nation is in grave fiscal danger, grave fiscal danger, and it has everything to do with spending. >> reporter: with taxes raised now, republicans contend they own the spending cut debate. to complicate matters, the government runs out of funds for
two months before they raised the debt ceiling on risk. the president says the debt limit needs to rise. republicans say the president isn't willing to cut spending he will get a debate whether he likes it or not. some are proposing using one trillion dollars to pay this year's budget deficit. those against the coin idea... mike quickly snagged an influential assignment in the new congress. he will be the only member from illinois to serve on that panel. in an attempt to reach a compromise on pension reform in illinois willing to back off a proposal that will shift pension costs for suburban in downstate teachers. quinn says that he hopes madigan ships on who pays the pension costs will lead to a breakthrough on a pension reform. quentin and legislative leaders are scheduled to meet tomorrow afternoon to discuss pension reform it's believed it's sometimes easier to pass it difficult legislation in this waiting days of the session. the head of chicago immunizations will talk to us on how it looks so far. a pilot arrested moments before his plane was supposed to take off what poli
to come, eyeing the debt ceiling. senator lamar alexander calling on congress to focus on entitlement reform. he speaks to us about the costly growth of government programs, and his plan to fix it. that interview is next, right here on "squawk box." this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade
to raise the debt ceiling. we can and should negotiate over how we continue to reduce our deficits in a responsible and balanced way. but we should not play chicken with the full faith and credit of the united states. >> the treasury department estimates that if the debt ceiling is not raised, the united states may just hit that ceiling by midnight on valentine's day, five weeks from today. but congressional republicans might, they just might be ready to blink. here is republican senator ron johnson of wisconsin on fox news this afternoon. >> what about the debt ceiling deadline -- would you go through that, risk shutting the government down? >> we don't have to do that, we should not be playing this -- >> i know that, but what would you do? >> again, that is a hypothetical situation. >> senator mitch mcconnell evaded question after question about raising the debt ceiling on monday. >> it is a hostage worth ransoming, is that the strategy you would ransom that again here, to force the kind of spending cuts that you think are necessary? >> it is a shame we have to use whatever lever
and congress of bickering of the debt ceiling. how much do we cut security of a tweak of medicare. >> i do not have a crystal ball if i did not have a small island and have my own basketball team people under 4 ft. tall. >> we do not know what will happen the next days. >> we will check back with rob for winners and losers on wall street at 9:15 a.m.. >> right now is 6:48 a.m. and we are watching the weather. let us take a live look on van ness ave from our roof camera. we're getting a better look at things as the light is coming out. we will get with erica on the fall that is the big story and whether there is for to let us go to george. >> we're still tracking hot spots of interstate 80. even though progress is being made on clearing the crash. the back of continue to grow from el cortel drive. >> will continue to have a dense fog advisory for highway 4 in the antioch pittsburgh area. chp has not yet lifted advisory. that would affect traffic in both directions. it may be why we see a slower than usual east bound right. a new hot spots that is the problem here on the nimitz freeway. 880
ceiling. house speaker john boehner, who was re-elected, despite rebellion, says he hopes the new congress will rise to meet the country's extraordinary challenges. rob and paula? >> time will tell. should be interesting. tahman bradley in washington. thanks, tahman. >>> and there was a moment of bipartisanship, believe it or not. dozens of democrats and republicans, cheering on illinois senator, mark kirk. nearly a year after suffering a major stroke, kirk made the slow climb to the front door of the senate, with a little help from the v.p. and another colleague. he conquered all 45 steps. we'll look at some of the other memorable moments, coming up in just a minute. >>> and a special visitor comes to newtown, connecticut, today. former congresswoman, gabby giffords, is meeting with families of the 26 school attack victims. meantime, the school's children head back to class for their second day today in a new building, amid very tight security. abc's amy robach reports. >> reporter: officials say the buses were packed, and attendance was high, as nearly 500 sandy hook students returned to
defaulting between february 15th and march 1st. happy valentine's day, china, unless congress raises its debt ceiling. >> our fourth story, president christie? new jersey's governor got a big stamp of approval. there was a poll that just came out, gave governor chris christie 73% approval rating among new jersey voters. that's really important and significant. the reason is because new jersey is a big "d" democrat state. went for president obama in each of the two past presidential elections. so is christie the biggest contender for 2016? all right, this is a guy that -- he says what he thinks, roland. he says what he thinks. let me start off because a lot of republicans, john, have been questioning his party loyalty after the aftermath of hurricane sandy because in the final days of the campaign, he appeared with and complimented president obama. and then afterwards, he got very angry about the vote, right? and he slammed john boehner. loving obama, hating boehner, here he is. >> our delegation asked for a meeting with the speaker at that time. they were refused. i called the speaker four ti
? >> jumping off the fiscal cliff is nothing compared to blowing through the debt ceiling. here is why. the fiscal cliff was something created out of congress. it was sort of a manufactured crisis. now, the debt ceiling is for real. we come up against a borrowing limit and the government has to stop paying bills and it is a blunt instrument. i don't think either side wants to blow through the debt ceiling. i think we have to take a little bit of this blusterer with a grain of salt. what we want to take away from this whole period of time. when the government cuts spending it has a negative impact on growth. in the short run it hurts growth. if you look over in europe and austerity measures and governments pull back not so good for economic growth. when we say we want to fix the debt and deficit we have to be careful how soon and how quickly it occurs. >> kind of like after the holidays when you are feeling a little heavy you have to keep eating but you have to be a little more careful. >>> so jill gave us that news. i have other news for you, too. republicans attacking their own after
hagel as they want them to focus on what's happening with sequester and the budget and debt ceiling and other things that have direct impacts on people's lives. from a policy standpoint, does this come down to bush era neocon, that reminds them that he opposed the war. >> he did oppose the surge. for republicans this is about somebody whom they disagree with on policy and never liked that much in the senate because he wasn't the kind of senator that had a lot of friends, that played the relationship game at a high level. and so it's not like he has solid friendships that can help republican members of the senate who serve with him overlook their policy disagreements with him. ultimately, i expect senator hagel to tell members -- to tell the senate and tell republicans that he is there to do what the president asks in addition to providing his own honest counsel which we know will generally always be private. he will get roughed up and it will be good theater for us and ultimately he will be confirmed. my only caveat, he's been successful as a bisz man businessman before in the senat
that the republicans in the 113th congress will use the threat of not going along with a rise in the debt ceiling as a way of extracting more concessions with regard to spending cuts. some of the spending cuts, as i said, particularly with regard to infrastructure and safety net programs, programs for the poor, are very critical for the future. >> brown: doug holtz-eakin, i guess there's consensus there's more to come, right? >> no question, we got a mixed bag. it got us past theliff and the biggest thing is addition by subtraction. we have a recession, that's the best news. for 98% of the taxpayers it gave them a permanent current tax law and took uncertainty out. but from another perspective it wasn't very brave. in the end we taxed rich people to spend on the current programs and we kicked down the road cutting any new ones so it really wasn't a solution to the debt and it was not a great solution to avoiding a recession. >> pelley: so you start us looking -- picking up on looking forward where robert reich started already and so did maya. but the debt issues, the debt limit issue, that's the
showing little progress on next month's debt ceiling deadline, a far-fetched solution is getting more mainstream. we're talking about the $1 trillion coin. supporters including some lawmakers and nobel laureate paul krugman say the treasury department has the power to mint the supercoin which in turn would be used to raise the debt ceiling. and white house press secretary jay carney added some fuel to the fire when he refused to rule it out. >> do you believe you have a power to mint -- >> there is no plan "b." there is no backup plan. there is congress' responsibility to pay the bills of the united states. >> that's a little evasive in your answer. but i say -- are you narrowing the lead -- are you trying to leave room or not? >> there's no substitute for congress extending the borrowing authority of the united states. >> do you believe this is an option, and viable? >> i think there's the only option there. there is no backup plan. the only option is for congress to do its job. >> let's bring in nbc analyst and former communications editor karen finney. and also chip saltzman. good
is to lead. that means working with congress to come up with solutions. working on the debt ceiling is a huge part of that. if you look at any of the ideas that have been put forward to address the deficit and debt and the long-term growth of this country, it involves not only tax reform, it involves entitlement reform, balancing the budget and controlling spending. all of those things go into controlling the the debt the right way. host: has the president been a leader on these issues? guest: he needs to be more engaged on these issues and he needs to tell the people of this country what he believes the right plan is. host: that we go back to what senator mcconnell said and ask you to put some specifics to these words. guest: a similar plan passed the house committee, but the fall plan did not get through the house. we are improving the farm policy for farmers and ranchers, but at the same time, finding real savings. the other thing, when you put a five-year plan in place, you create certainty. that certainty stimulates investment and that stimulates economic growth that not only means putti
benefits. who can blame you? the aarp demand congress not touch benefits as it discusses the debt ceiling. there is said general agreement social security is not the most troubling program for the president calls it structurally sound but others maintain it is stable. but to academics from dartmouth say that may not be the case. they say the security administration under estimates how long they will live in under estimate as much as $800 billion short and the fund will run out of money before the government even says with people giving up smoking and eating better that live longer and demand benefits longer. forecasting has barely even changed since 1935. 77 years we do it the same way. to ignore the future social security is a big mistake now spending $49 billion more of benefits and to cover the shortfall people age 65 and over will reach 80 million and 2040 social security payments will jump 70% in the decade ending 2011. it is a system that is broken and raising the retirement age are tweaks that need to be made to see if congress has the stomach for it. what do you think? drop me an
. not raising the debt ceiling is not the same as a partial government shutdown. raising the debt ceiling isn't about future spending, it's about past spending approved by congress. default would cause an immediate financial collapse with long-term national and global consequences. it's estimated the 2011 standoff increased the nation's borrowing cost by $1.3 billion in that year alone. it amazing me that the people using the debt ceiling as leverage to reduce the deficit don't seem to mind playing another billion dollar game of chicken. president obama said he would not negotiate over the debt ceiling. it looks like some republicans might already be backing off this fight overall. but in "the wall street journal" in an interview, john boehner, house speaker, called the debt bill "one point of leverage." but also acknowledged it's not the ultimate leverage. so where are they going with all of this? i'm going to john nichols tonight, washington correspondent for "the nation" magazine. john, good to have you with us. it's a game of chicken they are playing on sunday's "face if nation." senate m
as congress to production before we can have agreement to raise the debt ceiling. host: i could be the entire piece by eugene robinson, but i will share the first sentence. critical.s clearly i understand that solutions by nature are imperfect. but the reality is we have got to do these things that we are talking about. we need to do it in a thoughtful, open, transparent way, not. at the last not i think that is what he's referring to. when you do it up against these deadlines, a way to do business. we talked about it earlier. i hope that running into the deadline on the fiscal cliff is something that congress will take into account as we work on the debt ceiling agreement and that we can get it done before the deadline. remember, you have talked about how president obama, speaker boehner will approach these things, we've got to have people talking to each other and we've got to get to solutions before the 11th hour to avoid that. that is absolutely what we can do. host: we agreed to the debt ceiling limit, 16 $0.40 trillion -- $16.4 trillion, up in the last hours. guest: the treasury has som
house after the president insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table, one stop republican in the senate, john cornyn, says in an op-ed in "the houston chronicl chronicle", "it may be necessary to partially shut down the government." >> democrats warn, watch out. risking government shutdown, risking not raising the debt creeling is playing with fire. >> on this vote, the yays are 354, the nays are 67. >> reporter: a preview of that brinkmanship came in the house, where 67 republicans, including house budget chair paul ryan, voted against $9.7 billion in aid for victims of superstorm sandy. despite the tongue-lashing they got from new jersey governor chris christie. >> shame on you. shame on congress. >> reporter: the fact that the rest of the storm relief is now up in the air until a vote late thermowas a letdown for new york and ne
to raise the debt ceiling, it is congress' responsibility. he will not engage in a negotiation with congress that as advocates have described as a hostage situation that would result as it did in the summer of 2011 harming greatly this economy and businesses and great harm to average americans. so, it is just not the right thing to do. i think that if we were to travel down the road for any length of time, a great deal of unionimity behind the idea that it is a terrible proposition to flirt or allow default. let me remind you if the position of republicans in congress will be your choice america is between default and therefore economic chaos on the one hand or voucherizing medicare or slashing benefits for seniors. american people will say no. this is not the right way to do things in this country. you have to heed to your responsibilities here including paying for the bill that you racked up. this hases to do with spending that has already been incurred. it is congress' responsibilities to pay their bills. george, when you get a credit card bill, you pay it. if you don't you
the debt ceiling again. right now, it is set at $16.4 trillion. you might remember, there was a fight over whether to set it that high. in february, congress will have to decide again whether to raise it. it's a decision that essentially covers money already spent. >> something i will not compromise over is whether or not congress should pay the tab for a bill they have already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. >> the president and the democrats controlling washington repeatedly refuse to take any meaningful steps to make washington live within its means. >> last time congress threatened not to raise the debt ceiling, one creditor dropped the nation's credit rating. the international monetary fund warns that another fight like that will affect the world economy. >>> it will soon be legal for some people to smoke pot in dc. the first medical marijuana clinics will open soon, and it's been a long time coming. medical marijuana was given a thumbs-up by district vo
ceiling, dom congressional democrats say the president does not need to go through congress at all. you can imagine how that is sitting with congress and republicans. the state of business in america. we will find out where we are from the u.s. chamber of commerce president tom donahue. "special report" from washington starts at 6:00 eastern. now back to new york and my colleagues with "the five." ♪ ♪ >> kimberly: it's confirmed. cyclist lance armstrong will sit down with oprah and it could be confess about the doping scandal. that is later this month. in the meantime, there are serious allegations out today about whether or not armstrong tried to intimidate people investigating the doping allegation. the ceo of the u.s. anti-doping agency talking to scott pellier in interview. >> was lance armstrong involved in intimidating the other rider tos keep them quiet? >> he was. it was tough. all the witnesses were scared. of the repercussions of them simply telling the truth. >> what could lance armstrong do to them? >> incinerate them. >> kimberly: wow! he has superpowers? then what did
.s. is set to hit the debt ceiling in about two months and the big question will the new congress do better with deadlines than the old once. i will give you an answer and my next guest is cautiously optimistic. here is allison frazier, from the heritage foundation. allison, thanks for joining us. you're cautiously optimistic. what the heck is that based on because i don't think there is any optimism when you're talking about congress? >> i think we have a breathe a little sigh of relief we made it through the fiscal cliff and very disappointed we had a major tax hike and we didn't go over the cliff and nothing really, really bad happened. i totally does agree on the need for the tax hike. the simple fact that obama campaigned on it. he campaigned on a balanced approach. he got it. he got his tax hike. it is time to close the books on that. and what he now must deliver is the balance to his balanced approach in the form of spending cuts. that is why i am cautiously optimistic we will have some progress on that. ashley: you know, that is interesting because during the tax hike debate there w
". good morning. >> good morning, carrick qaa. >> the first fight is a familiar one, the debt ceiling. when you look at this new congress, what will we see when it plays out? also a familiar scenario? >> well, i think there's so much division within the republican party. when you look at reaction to this fiscal cliff bill, a temporary measure and you see how it has torn the republican party apart, it begs the question what is going to change when it comes to the debt ceiling. the president state aid red line say he will not negotiate the debt ceiling. in 2011 they finally got a deal. america's credit rating was downgraded with them playing chicken one side on the other. he will be locked in with republicans over spending. now that they have given on the tax part of this there are so many fights ahead. >> when we look at future deal making, speaker boehner said i'm not going to do one-on-one negotiations with the president. how is that going to impact things? >> he became the negotiator with the white house. but it begs the question, how much different senate republicans are than house
. the president's... . the presiient says he onnt negotiate ith congress over liftiig the debt-ceiling. "i will not play that gamm!" republicans say: "the presideet maa not want to have phis debatee but it's the one he's gonna have - becauue the coontry needs it." so while they debate over a debate- ann &pbuulet to solvv the crrsis? 3 try a magic coin. some economists, legal scholars and now even a congressman are suggessing a 1-trillionndollar and he gooernment could use default and pre-empt the debt ceeling crisis. democratiic congressman jerrold adlerrof new york ays "i'm being absolutely serious... it absolutely legal." i spoke to you think it's a good idea do right now." "well i thiik it's better than aagovernmenn shut- down. it's better than ddfaulting on the debt. i mean &pit'' better than the bad alternaaives." ann technically it appeaas to be legal. here's how. "the uss money... but under law there's aalimii toohow much paper money can circulate at any onee that limit at least whaatee dennminations gold, silver and copper coins can be. bbt there ii no limit on platinum &pcoi
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